[POW/HOLD/ TP: VND 13,100] - Thermal power is expected to come back
PetroVietnam Power Corporation (HoSE: POW) is the leader in gas-fired thermal power in Vietnam. Based on the FCFF and PB methods, we update the target price of POW at VND 13,100 equivalent to an expected return of 9%. In 2023, we believe the revenue and net profit of POW will continue to increase because: (1) The Vung Ang 1 coal-fired power plant will come back to full capacity; (2) The unfavorable weather is forecasted to pass away. In addition, POW has a prominent expansion plan with NT3 & NT4 power plants and LNG Quang Ninh.
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